DeFi Platform Gravity DEX Rebrands, Migrates From Cosmos to Crescent Network
According to reports, the rebrand and move to Crescent foster more innovation to make the renamed DEX the best in the Cosmos ecosystem. The network promises a streamlined migration for investors.
Gravity Dex Rebrands to Crescent
Gravity Dex is rebranding into Crescent and moving to a new Cosmos-based blockchain called Crescent network. Gravity Dex is an automated market maker network initially based on the Cosmos hub blockchain.
Now Gravity Dex is rebranding taking the new name Crescent, which is the new of its new blockchain host, the Crescent network. According to reports, B-Harvest, the developer of this project, announced the rebranding and migration to a new chain.
According to reports, Gravitys migration to the Crescent network is because the Dex has not been performing very well compared to other Cosmos-based Dexes. The main Cosmos based Dex outperforming Gravity is Osmosis Dex. Reports indicate that Osmosis has enormous volumes with over $1.5 billion TVL.
Being one of the earliest PoS validators in the Cosmos Hub blockchain, B-Harvest has played a significant role in the growth of the Cosmos ecosystem. But, Gravity Dex, B-Harvest’s project, still struggles to compete with other Defi networks within Cosmos, with its liquidity locked stated to be just about $5 million. Hence, according to B-Harvest, their main reason for rebranding and relocation is to grow and compete with Osmosis and other Dexes.
Moving to New Crescent Blockchain for Development
According to reports by B-Harvest, the main reason for moving is relocating to a chain that offers more features like borrowing, lending, and even a new Dex style order book. B-Harvest moves their project to the Cresent network, a blockchain created by B-harvest to suit their needs.
In mid-March, B-harvest listed the main reasons people should look into the Crescent network. On their Twitter page, B-harvest began by mentioning that they have the best development and analytics team in the Cosmos ecosystem.
Accordingly, Harvest noted that this new Cresent network offers a hybrid decentralized exchange experience combining AMM and order books. The tweet notes that AMM has less capital efficiency while a hybrid of order books and market makers offers more sustainable liquidity.
Moreover, in its third point, B-Harvest mentioned that its Blockchain will help fulfill the “vision of genuine cross-chain DeFi.” According to the tweet, the Cresent network provides “cross-chain collateralization of DeFi positions allowing re-utilization of DeFi assets in other chains.”
Cosmos has an inter-blockchain communication system. Crescent promises to be “the Big bang of the cross-chain economy.” By moving the Gravity Dex from Cosmos to the Crescent network, B-Harvest will get more development options and benefits brought by this new chain.
A Streamlined Migration for Investors
Often, it’s hard for projects to migrate from one protocol to another, mainly because the investors may not support it. But, B-Harvest notes that while the migration takes place from the original protocol to Crescent, Gravity will remain functional.
However, the network will incentivize investors to move into the new protocol by offering good farming rewards for those who migrate to the new protocol. Incentivizing investors will encourage a more streamlined migration and total acceptance.
